There have been 142 price cuts reported to our MLS in the past 30 days, 92 of which were for single family homes and condos (the balance was rentals). I can’t say that I have been inside each and every one of these units, especially the condos, but I am familiar with almost all of the single family homes and could have and did, often) predict that they’d never sell at their asking price.
Now I’m not all that smart – any objective observer would have reached the same conclusion – so I wonder how 92 houses (out of approximately 600) could have been so mispriced to begin with. Worse, many of these have already seen multiple price cuts and are still too high. So, is it sellers with crazy expectations (and brokers willing to take the listings from those sellers) or are agents just passing out silly price estimates to gain listings?
It’s probably a combination, but what a colossal waste of everyone’s time, energy and money.